Philly Inquirer co-owner dies in plane crash

6/1/14 12:14 PM EDT

Philadelphia Inquirer co-owner Lewis Katz died in a plane crash on Saturday in Massachusetts, the newspaper reported Sunday. He was 72.

Katz and H.F. "Gerry" Lenfest won control over The Philadelphia Inquirer and its parent company, Interstate General Media Holdings on Tuesday, after more than a year of turmoil. The two purchased the company for $88 million from George E. Norcross III, Joseph Buckelew and William Hankowsk, with whom they had formed the company two years ago.

Seven people were killed aboard the private aircraft that crashed at Hanscom Field and erupted into a fireball, according to new reports.

"We all deeply mourn the loss of my true friend and fellow investor in ownership of The Philadelphia Inquirer, The Daily News and Philly.com," Lenfest said in a statement. "It is a severe loss, but I am pleased to announce that Drew Katz, Lewis's son, will replace his father on the board of our new company."

Norcross, Hankowsky, and Buckelew said in a statement Katz's commitment to his community will live on.

"We are shocked and deeply sorry to hear about the tragic death of Lewis Katz. Our sincere condolences, thoughts and prayers go out to his family, loved ones and many friends and admirers. Lew's long-standing commitment to the community and record of strong philanthropy across the region, particularly Camden where he was born and raised, will ensure that his legacy will live on," the former co-owners said.